I was at the AGM & it appeared the BoD was very disappointed the R/S was not passed----according to one comment I heard, they had 80 institutions(I find this # hard to believe, but what do I know) they were negotiating with & they needed/wanted the ability to do the 10-1. NN himself stated a $1 stock is more appealing than a $0.10---whatever that means.
So it appears they are back to the 'drawing board' to determine what the next plan is.
I am a 'wet behind the ears' investor, but logic would tell me it will be Cliffs who buys SPQ---how/why would someone else come in when they have FWR, & 19.9% of KWG?!?
It was a very poor turnout from my point of view-----however, the last AGM I attended was NOT in 2007 with 'RoF' playing in the back ground (RN was like a rock star!!), so I could be way off in my assessment of the turnout.
I still believe NN is a great geo (he mentioned they are looking at overseas plays--no details given), but they still need a 'marketing guy' to get the story out. SPQ has a lot of exciting properties besides the BD deposit, but have you heard of any of them?!?!?
It is going to be an interesting year for SPQ---I can only hope/wish it is a good one for all of us shareholders.
Still Long & Strong on SPQ
Trace
